Chinese selfie app Meitu reports smaller net loss in 2016

HONG KONG, March 24 (Reuters) - Chinese technology company Meitu Inc, known for its popular selfie beautifying apps, on Friday reported a net loss of 540.5 million yuan ($78.5 million) last year in its first earnings results since its landmark market debut.

The photo app and mobile phone maker said its net loss narrowed by 24 percent in 2016, from 710 million the previous year. Revenue grew to 1.58 billion yuan, from 742 million yuan.

Monthly active users grew 32 percent to a record high of around 520 million in January 2017, it said.

Xiamen-based Meitu listed on the Hong Kong market in December in a rare floatation for unprofitable companies, fetching $630 million in the IPO. That was Hong Kong’s largest tech IPO in a decade.